Journal Entries

Cash 310,000
Non-Cash Assets 300,000
G. Capital 4,000
M. Capital 3,000
P. Capital 3,000
To record sales
Of Non Cash Assets

Liabilities 435,000
Cash 435,000
To record payment
Of liabilities

G Capital 2,000
M Capital 1,500
P Capital 1,500
Cash 5,000
To record payment
Of liquidation expeneses

Cash 185,000
G Capital 162,857.14
M Capital 22,142.86
To record cash payment

Cash 150,000
G Capital 140,000
M Capital 105,000
P Capital 105,000
Non-Cash Assets 500,000
To record sales
Of Non Cash Assets

G Capital 85,714.29
M Capital 64,285.71
Cash 150,000
To record cash
Payment

Cash 70,000
G Capital 152,000
M Capital 114,000
P Capital 114,000
Non-Cash Assets 450,000
To record sales
Of NCA
P Loan 30,000
P Capital 30,000
To record
Offseting

G Capital 21428.57
M Capital 16,071.43
P Capital 37,500
To record
Absorption

G Capital 40,000
M Capital 30,000
Cash 70,000
To record Cash
Distribution